Just after 4.30am and the Conservatives have now gained 223 seats, winning control of 10 councils. Labour have lost 200 seats, losing control of 15 councils, while the Liberal Democrats have 13 extra seats.

The BBC says the results so far translate to the Conservative gaining 40% of the vote, the Liberal Democrats 27% and Labour 26%. This would be the same share for Labour as in the 2004 local elections, viewed as one of their worst ever. But its spin doctors will no doubt argue tonight's result wasn't a meltdown - in that it wasn't any worse than the previous result.

The Conservatives have got best share of the vote since 1992. But the picture for the Lib Dems is less promising, with the party failing to make much headway. This suggests Ming Campbell has failed to rally the party following the departure of Charles Kennedy and lurid revelations about former home affairs spokesman Mark Oaten and president Simon Hughes.

I'm logging off now but Guardian Unlimited's political editor Ollie King will be here in a couple of hours to continue our coverage and provide his expert opinion on what the results mean for the three main parties.